What Are Nonexempt Property In Bankruptcy And Why Does It Matter?
If you are facing bankruptcy , you may be wondering what to do with nonexempt property. There are a few options available to you. You can either keep your non-exempt property, or you can use it to purchase another exempt asset. Non-Exempt Property When you file for bankruptcy, it's important to consider what types of property are considered non-exempt. The value of your non-exempt property will be determined by the bankruptcy trustee and they will decide whether they'll sell the property for enough to cover your debts. This means that your non-exempt property may be worth less than its market value. If this happens, your monthly payments will increase significantly. When you file for bankruptcy, you should consult with a Bankruptcy Attorney Tampa who is familiar with the laws in your jurisdiction regarding the definition of non-exempt property. This attorney will be able to discuss your options and explain the importance of exemption planning. Non-Exempt Equity Before you file